Lucy Powell’s verified X account was hacked, spreading a scam about a non-existent “House of Commons cryptocoin.” The attack exemplified the “pump and dump” scheme, misleading followers into investing in a fraudulent cryptocurrency. The account was secured post-hack, with assurances from the House of Commons regarding their cybersecurity measures.
UK Commons Leader Lucy Powell’s X account was hacked, promoting a fraudulent “House of Commons cryptocoin” scam. The verified profile posted claims about a digital currency, featuring slogans like “Transparency, participation, trust” alongside an image featuring the House of Commons insignia. These tweets were removed shortly after circulation.
Similar incidents occurred previously, such as in January when BBC presenter Laura Kuenssberg’s account was compromised to advertise a BBC cryptocurrency. Luke Nolan from CoinShares described this hack as a typical “pump and dump” scheme, where fraudsters artificially inflate a coin’s value to profit at the expense of new investors.
Nolan indicated that only 34 transactions had taken place for this cryptocoin, yielding a quick profit of approximately £225 (300 US dollars) for its creator before the tweets were swiftly deleted. The common process involves creators acquiring a large share of the coin, then releasing it to unsuspecting buyers, only to later sell their holdings at a profit.
Following the breach, Powell’s spokesperson confirmed immediate action was taken to secure her account, while a House of Commons representative clarified that no official House of Commons cryptocurrency exists. They reiterated their commitment to cybersecurity, emphasising the provision of resources to Members of Parliament to enhance their digital safety awareness.
